Accountant's, please step in.

Bought a new truck and sold my 2021 truck outright. Gentleman paid cash for it.
Sister tells me I'll have to fill out a form when depositing over 10K -- Is this new? I sure don't recall ever having done this before.
My guess is it's for the IRS. Will they want me to pay tax on this money?
This money is going to payback my savings account for purchase of new truck.
Should I deposit it 10K at a time and string them out over a period of time? Or deposit the money lump sum and fill out the paperwork?
OR am I fretting over nothing?
Thanks Mike

This is what the IRS states,
https://www.irs.gov/newsroom/underst...h-transactions

I put in a check for $13k 2 weeks ago and the bank didn’t make me fill anything out. Wonder why they didn’t with a check, more of a paper trail there I guess.

Quote:

---

Originally Posted by Bass in the grass

I put in a check for $13k 2 weeks ago and the bank didn’t make me fill anything out.

---

Thats because it was a check, not cash

Quote:

---

Originally Posted by ThomasD

Thats because it was a check, not cash

---

Just edited my question above. Is it because it’s easier to trace where the money came from? (With a check)

If you don’t launder money you’re fine. They are required to do it for 10k or anyone they feel is structuring cash deposits. Most people are good. This was created for shady illegal stuff

Nothing to worry about

Quote:

---

Originally Posted by Bass in the grass

I put in a check for $13k 2 weeks ago and the bank didn’t make me fill anything out. Wonder why they didn’t with a check, more of a paper trail there I guess.

---

Baller:wink:

If it’s cash over 10 k they are required to fill out an irs form and send in. They don’t even disclose that to who gives them the money now. Years ago you would have to sign it. That has changed and now the bank or a business that receives 10k or more in cash just does it on their end quietly. If I were in your shoes I’d deposit the cash in various increments under 10 once a month into your acct. Not that you did anything wrong I just wouldn’t want to put any red flags up in the irs system. Audits suck even when you’re doing everything right.

Just deposit $9,999.00 each day until gone and you won’t have to do anything

Quote:

---

Originally Posted by Sam378

Just deposit $9,999.00 each day until gone and you won’t have to do anything

---

The bank would more than likely report that and it would look worse. Just deposit the money. Transactions like this happen every single day and it isn't a big deal. The form that the bank fills out is mainly for trying to stop money laundering.

I would have zero hesistations depositing a large sum of cash. Especially with a bill of sale sitting in my file cabinet.

Send me the cash in two mailings of 5k each. Then I will send you untraceable $3 bills.

Quote:

---

Originally Posted by BASStard6344

Baller:wink:

---

riiggghhhhtttttt:roll:

Deposit it and bring a copy of the sales receipt in case the bank asks. It is not really a big deal if you have nothing to hide.

You have a bill of sale or transaction record with the seller. You will be fine. I've had several people pay cash for boats and vehicles I've sold. I deposited tge cash. Never an issue with an audit or anything else. Again even it there was an issue you have your documentation.

If you're talking about the IRS report I think they changed it from $10k down to some figure quite a bit lower, but I can't remember what it is for sure

I had to fill out the form when I sold my motorcycle last year, not a biggie and so far no issues with the IRS.

Quote:

---

Originally Posted by Sam378

Just deposit $9,999.00 each day until gone and you won’t have to do anything

---

You apparently haven't followed the stories about small business owners like pizza shop owners who have high-volume times (Fri-Sat) followed by slow times (Tues-Wed). In some cases the tellers have asked the owner to hold back some of the cash from the weekend and deposit it on the slow days so the tellers don't have the hassle of reporting it. The IRS then notices so they step in, seizes the assets, puts the shop out of business, and charges the owner with structuring deposits.

I recently deposited $50K by a check from another state and I didn't have to fill out anything. Just had to wait 5 business days for the funds to clear.

Quote:

---

Originally Posted by Dixie-Raven

I recently deposited $50K by a check from another state and I didn't have to fill out anything. Just had to wait 5 business days for the funds to clear.

---

I think the reporting requirement only pertains to cash deposits.